Trading & Advisory CHF H41 (58) - Vontobel Holding AG

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fpfk `çìéçå k~ãÉ j~íìêáíó jáåáãìã=máÉÅÉ jççÇóDë pCm mêáÅÉ ^ÅÅK=fåíK aáêíó=mêáÅÉ vqj pt^m jçÇ=aìê upMOSTUUQUMS PKUTR lbh_=lbpqK=hlkqolii_^kh NRKMVKOMNS NMMM ^^H NMVKURM OKRVQ NNOKQQQ NKRMR PNKN PKVP upMTPSNNPPQM NKUTR brolmb^k=fksbpqjbkq=_^kh NRKMVKOMNS NMMM ^~~ ^^^ NMOKSOM MKRUQ NMPKOMQ NKOQV SKO QKNM upMQROUMONTR RKRMM i^kubpp=cfk^k`b=_s ONKMVKOMNS NMMM _~~O ___ NNQKTQP PKRVO NNUKPPR NKVOT URKN PKUO upMQRPQNMVTU QKORM tbpqm^`=_^khfkd=`lom OOKMVKOMNS RMMMM ^~O ^^J NMVKUMU OKTSQ NNOKRTO NKUTT TSKM PKVN coMMNMUMQQVO PKUTR ôbs^=p^ OPKMVKOMNS RMMMM ___J NMNKMMM OKRMV NMPKRMV PKSNU OQRKS PKUR upMQROQNUOPU QKSOR rkf_^fiJola^j`l=pb OPKMVKOMNS RMMMM to ^ NNNKNON OKVVR NNQKNNS NKVPO UTKT PKUU coMMNNNONSPN OKRMM a^klkb OVKMVKOMNS NMMMMM ^P ^J NMRKRUT NKRTU NMTKNSR NKNTV RKN QKMV upMQRSRSTMRR QKSOR ebfkbhbk=ks NMKNMKOMNS NMMM NNOKVMU OKTUM NNRKSUU NKRSP ROKT PKVQ upMOTOPRVQUV PKUTR brolmb^k=fksbpqjbkq=_^kh NRKNMKOMNS NMMM ^~~ ^^^ NNMKUNM OKOTS NNPKMUS NKPPQ NNKU QKMO abMMM^NbUsUV QKNOR pfuq=^d ORKNMKOMNS NMMM NMRKMVM OKPNM NMTKQMM OKUUP NUSKN PKVS coMMNMVRTOUO RKMMM mbrdblq=p^ OUKNMKOMNS NMMM _~N __H NMNKMNT OKTSM NMPKTTT QKTPQ PQRKS PKUO brMMM^NdM^Ò OKTRM bcpc MRKNOKOMNS NMMM EmF^~~ ^^H NMRKVUM NKOPO NMTKONO NKPUQ NUKO QKOQ upMSPRMQMSUR PKTRM k^qflkî=^rpqoîf^=_^kh MSKMNKOMNT NMMM ^~O ^^J NMTKRQM NKPRO NMUKUVO OKMOU USKU QKOO upMTOUTUVRTU OKORM r_p=^d=ilkalk NMKMNKOMNT NMMM ^~~ NMPKOTR MKTUT NMQKMSO NKRNQ OPKN QKPT upMTOVSSOMNQ OKORM _h=kbaboi^kapb=dbjbbkqbk NOKMNKOMNT NMMM ^~~ ^^^ NMPKMQM MKTTR NMPKUNR NKRST OUKV QKPT coMMNMUQPPTR PKPTR _km=môf_^p=eljb=il^k NOKMNKOMNT RMMMM ^~~ ^^^ NMSKQPU NKNSO NMTKSMM NKVNQ STKU QKOT upMTPNNRPOVN QKORM fkd=_^kh=ks NPKMNKOMNT NMMM ^~P=LGJ ^H NMTKSNR NKQRO NMVKMST OKQVQ NPNKR QKNU upMQTUVPNPRQ PKUTR _jt=cfk^k`b=ks NUKMNKOMNT NMMM Ô ^ NMVKTRV NKOTM NNNKMOV NKSUP PVKT QKOS phQNOMMMUPMN QKSOR pils^hf^=dlsbokjbkq=_lka NVKMNKOMNT N Ô ^ NMUKUOM NKRMQ NNMKPOQ OKRVP NQMKN QKNS abMMM^N`VsnQ QKNOR a^fjibo=^d NVKMNKOMNT NMMM ^P ^J NNNKNRV NKPQN NNOKRMM NKSOQ PVKU QKOR abMMM^MqRuMT SKMMM abrqpèb=qbibhlj=fkq=cfk OMKMNKOMNT NMMM _~~N ___H NNUKSMM NKVPQ NOMKRPQ NKUNO STKM QKNO upMOUPTQSMTM QKNOR kbabo=t^qbopè^mp_^kh OPKMNKOMNT NMMM ^~~ ^^^ NNNKPTM NKOVS NNOKSSS NKRUR PNKU QKOS upMTPRTUQURN RKSOR ìôf^kq=cfk^k`b=iru OQKMNKOMNT NMMMMM _~N ___J NMTKPNN NKTRO NMVKMSP PKUUP OSUKU QKMR upMQUMVMPQSS PKUTR òbafq=prfppb=ilkalk ORKMNKOMNT RMMMM ^~N=LGJ ^H NMUKNQT NKNVS NMVKPQP OKMPQ VNKT QKOS _bMVPQVURMOM UKSOR ^kebrpboJ_rpè=fk_bs=ks PMKMNKOMNT RMMMM ^P ^ NPOKOMV OKRQR NPQKTRQ NKQUN PQKS QKMO coMMNMURMTMN QKNOR îpqlj MNKMOKOMNT RMMMM _~~O ___ NMRKPUO NKNVR NMSKRTT OKUUP NRVKT QKOO upMRURVMQQQP QKTRM qbibclkf`^=bjfpflkbp=p^r MTKMOKOMNT NMMMMM _~~N ___H NMNKPMN NKOVU NMOKRVV QKQPQ PNTKT QKNN upMRUTQNNRVR RKSOR d^p=k^qroî=`^mfqî MVKMOKOMNT NMMMMM _~~O ___ NMPKTMO NKRMS NMRKOMU QKTOT PRSKM QKMQ abMMMkotMaTT NKTRM i^ka=kloaoebfkJtbpqcîbk NRKMOKOMNT NMMM ko ^^J NMNKSSU MKRNT NMOKNUR NKPUQ PKO QKRN upMQNPUMSRVS RKNOR pfbjbkp=cfk^k`fbofkdpj^q OMKMOKOMNT NMMM ^N ^H NNTKPTR NKONU NNUKRVP NKPPN VKU QKOU abMMM^Nj__RQ NKPTR hct ONKMOKOMNT NMMM ^~~ ^^^ NMNKQOM MKPOP NMNKTQP NKMST JOOKQ QKRU abMMM^N`VOpP QKORM jbqol=cfk^k`b=_s OOKMOKOMNT NMMM _~~O ___ NMUKRQP MKVUT NMVKRPM OKPPO NNMKN QKOV upMTQVUOORRS PKMMM _km=môf_^p OQKMOKOMNT NMMM ^~P=LGJ ^^J NMNKUPT MKSUM NMOKRNT OKRUQ NOUKP QKPU abMMM^Nj^VeQ QKPTR qevppbkhormm=^d OUKMOKOMNT NMMM _~~P __H NMPKQMT MKVQQ NMQKPRN PKRUQ OOUKT QKOQ upMQVNMQOPRP QKORM db=`^mfqî=brol=crkafkd MNKMPKOMNT NMMM ^N ^^H NMVKRPM MKUVT NNMKQOT OKNPQ VRKV QKPP upMQVMTPVSUS PKNOR brolmb^k=fksbpqjbkq=_^kh MPKMPKOMNT NMMM ^~~ ^^^ NMTKRRM MKSQO NMUKNVO NKQUN OOKT QKQR upMQVRVTPQTM RKORM dibk`lob=cfk^k`b=brolmb OOKMPKOMNT RMMMM _~~O=LG ___=LGH NMUKQRM MKUMR NMVKORR PKPPN ONMKQ QKOR abMMM^Nj^VuN RKRMM elèqfbc=^d OPKMPKOMNT NMMM NMRKSOR MKUOV NMSKQRQ QKNVN PMOKM QKNV upMQVUOURPRN PKTRM obmr_if`=lc=mli^ka OVKMPKOMNT NMMM Ô ^J NMRKNVM MKRMP NMRKSVP OKSMM NOUKU QKQN upMQVUQNTTVU PKMMM _h=kbaboi^kapb=dbjbbkqbk PMKMPKOMNT NMMM ^~~ ^^^ NMSKOQM MKPVR NMSKSPR NKSRR TKP QKRO coMMNMUTUTRN QKMMM sfsbkaf=p^ PNKMPKOMNT RMMMM _~~O ___ NMPKTPS MKRNR NMQKORN PKNRV NUOKS QKPT upMQNVRUTTQR RKNOR kbaboi^kapb=d^prkfb=kKsK PNKMPKOMNT RMMMM Ô ^^J NNRKUPO MKSSM NNSKQVO NKTMU QTKO QKPT upMTSTTNTTQS PKNOR k^qflktfab=_iad=pl`fbqv MPKMQKOMNT NMMMMM Ô ^H NMNKMTS MKPTT NMNKQRP OKUUQ NRUKN QKQS upMRMMNOUPOS PKRMM p^m=^d NMKMQKOMNT NMMM NMTKNMR MKPRR NMTKQSM NKVSP SVKV QKRM upMRMPRRQSOT QKRMM `bibpfl=cfk^k`b=_s OSKMQKOMNT NMMM NMPKTRM MKORV NMQKMMV PKSRS OQPKO QKPU abMMM^Nj^VsR OKMMM a^fjibo=^d MRKMRKOMNT NMMM ^P ^J NMNKRUT MKMSS NMNKSRP NKSSQ PRKM QKTM brMMM^NdM^hR OKMMM bcpc NRKMRKOMNT NMMM ^~~ ^^H NMMKVPM MKOTP NMNKOMP NKUMQ QPKO QKTO upMQPPMMNNPT RKNOR ol_boq=_lpè=dj_e NOKMSKOMNT RMMMM ^^J NNTKVOT QKTSN NOOKSUU NKQPP OKN QKPV NQKMRKOMNO
fpfk `çìéçå k~ãÉ j~íìêáíó jáåáãìã=máÉÅÉ jççÇóDë pCm mêáÅÉ ^ÅÅK=fåíK aáêíó=mêáÅÉ vqj pt^m jçÇ=aìê _bMMMMPOPPOM PKRMM _bidfrj=hfkdalj OUKMSKOMNT MKMN NMSKPSO PKMVU NMVKQSM OKNTN USKQ QKRR coMMNNOPMRVU OKNOR òbafq=^dof`lib=eljb=il^ NMKMTKOMNT NMMMMM ^^^ NMMKMNM MKONR NMMKOOR OKNOO TSKT QKTQ coMMNNOPPQRN RKSOR mbrdblq=p^ NNKMTKOMNT NMMM _~N __H NMMKSRV MKRRP NMNKONO RKQTM PVUKO QKNU upMSQTOUUNQM QKNOR bkbi=cfk^k`b=fkqi=ks NOKMTKOMNT NMMMMM ^P ___H NMOKOMU PKQVQ NMRKTMO PKSQR OPMKO QKQQ upMRPMUTVSRU QKSOR _^kh=lc=^jbof`^=`lom MTKMUKOMNT RMMMM _~~N=LGJ ^J NMPKRUP PKRUV NMTKNTO PKURN OTQKV QKQQ upMRQMONSSSV PKMMM mlegli^=_^kh=mi` MUKMVKOMNT RMMMM ^~O=LGJ ^^J NMQKTOM OKMSS NMSKTUS OKMRN SVKO QKUM abMMM^N^MrPT TKRMM `lkqfJdrjjf=cfk^k`b=_KsK NRKMVKOMNT RMMMM _~P _H NMSKTRM NKOVO NMUKMQO RKVTP PRSKV QKNS upMRQMNUTUVQ PKSSN qbibclkf`^=bjfpflkbp=p^r NUKMVKOMNT RMMMM _~~N ___H VSKMVV OKQON VUKROM QKQVS PMOKQ QKSN upMRQOSMTSUP PKNOR pl`fbqb=dbkboîb ONKMVKOMNT RMMMM ^N=LGJ VVKQOM OKMQN NMNKQSN PKOQP NUOKQ QKTR abMMM^Na^jjM OKORM hct ONKMVKOMNT NMMM ^~~ ^^^ NMRKSQM NKQSV NMTKNMV NKNRR ONKM QKVU abMMMkt_NRcT NKUTR kotK_^kh OOKMVKOMNT NMMM ^~NÉ NMNKTQM MKOUO NMOKMOO NKRPP NQKV RKMM upMRQOPSVONV QKMMM oebfkjbqîi=^d OOKMVKOMNT NMMM _~~P NMSKTST OKSMN NMVKPSU OKSOR NPTKU QKTM brMMM^N^NagR OKPTR brolmb^k=rkflk OOKMVKOMNT NMMM ^~~ ^^^ NMQKUPM NKRQQ NMSKPTQ NKQPM QKM QKVR upMRQQSVROTO QKNOR f`l=EdrôK=hfkdalj=lc=pm^fkF OUKMVKOMNT NMMM ^P ___H VPKMPM OKSNR VRKSQR RKSSO QMUKN QKRO upMRQTTVSMTT PKUPM _m=`^mfqî=jôhbqp=mi` MSKNMKOMNT RMMMM Ô ^ NMVKUNP OKPQQ NNOKNRT NKUVR RTKS QKUM upMQRTNQRQPM PKSOR abrqpèb=_êk=cfk^k`b=_s NSKNMKOMNT NMMM ^~N ^^ NNMKQQQ OKNOM NNOKRSQ NKRVR NTKS QKUT coMMNMVROTPV OKTRM dac=prbw NUKNMKOMNT NMMM ^N=LGJ ^ NMRKQNP NKRVP NMTKMMS NKSVR PQKU QKVS upMRRUUQTRTV OKRMM _h=kbaboi^kapb=dbjbbkqbk NRKNNKOMNT NMMM ^~~ ^^^ NMPKRSM NKORT NMQKUNT NKUNO SQKP RKMS upMPPRNPQTMR RKSOR diûlpjfqehifkb=`^mfqî NPKNOKOMNT RMMMM ^N ^H NONKSNT OKPVU NOQKMNR NKRQQ OOKT QKUQ upMRQUNMNTOP TKMMM prkofpb=`ljjrkf`^qflkp=Epbkfl PNKNOKOMNT NMMMMM _~P __J NMTKORM OKSSQ NMVKVNQ RKQRU QNUKR QKRN upMPPVQRQURN QKTRM o^_l_^kh=kbaboi^ka NRKMNKOMNU NMMM ^~~=LGJ ^^ NNOKOUR NKRVS NNPKUUN OKQMN NNNKN QKVR upMQTVRQNSVV QKNOR d^p=k^qroî=`^mfqî OSKMNKOMNU RMMMM _~~O ___ VRKVTV NKORN VTKOPM QKVQU PRNKP QKUT upMSRPUURVSN PKSOR _jt=cfk^k`b=ks OVKMNKOMNU NMMM Ô ^ NMVKOQO NKMUM NNMKPOO NKUVU RRKN RKNP upMTTOVNMUPN QKURM obmr_if`=lc=ifqer^kf^ MTKMOKOMNU NMMMMM _~~NÉ NMPKOMM NKPOR NMQKROR QKOMR OTRKS QKUU coMMNMURPOOS QKMMM _lrvdrbp=p^ NOKMOKOMNU RMMMM ___H NMTKSRP NKMPU NMUKSVN OKRQT NNOKR RKMU coMMNMURVTTT PKSOR abuf^=jrkf`fmî=^dbk`v OSKMOKOMNU NMMM ^~O ^^^=LGJ NMOKUNR MKUMO NMPKSNT PKMUQ NTPKT RKNO upMTSVMNSUSR RKTRM efq=cfk^k`b=_s MVKMPKOMNU NMMMMM _~~OÉ NMNKOMM NKMUT NMOKOUT RKQVU QMRKM QKTV upMRNUNUQSST OKSOR brolmb^k=fksbpqjbkq=_^kh NRKMPKOMNU NMMM ^~~ ^^^ NMQKUNM MKQRP NMRKOSP NKTQV POKQ RKPT upMTSTUNRRVV QKNOR dibk`lob=cfk^k`b=brolmb MPKMQKOMNU NMMMMM _~~O=LG ___=LGH NMQKSMM MKQVT NMRKMVT PKORN NUNKU RKNS brMMM^NdkMMO PKORM brolmb^k=rkflk MQKMQKOMNU NMMM ^~~ ^^^ NMVKOVM MKPUP NMVKSTP NKRUP NTKM RKPT abMMMa_Rbs^M PKPTR abrqpèb=_^kh=^d MSKMQKOMNU NMMM ^~~ ^^^ NNMKQTM MKPTV NNMKUQV NKRMP RKS RKPS upMRMNSQUPTN SKORM i^côdb=p^ NPKMQKOMNU RMMMM _~N __H NMMKTRM MKRUO NMNKPPO SKMVO QRUKP QKUM upMSNSPVRNVV QKTRM âb``l=fkq=cfk^k`fî=psp NPKMQKOMNU NMMMMM _~~P ___ NMVKNPO MKQQO NMVKRTQ PKMPS NTNKU RKNQ upMPRVPUUSVM SKMMM r_p=^d=ilkalk NUKMQKOMNU RMMMM ^~P=LGJ ^ NNVKSPQ MKQTT NOMKNNN OKQMN NNMKP RKMV _bSMMMTUOTNO QKMMM ^kebrpboJ_rpè=fk_bs=p^ OSKMQKOMNU NMMM ^P ^ NNOKUQQ MKOPM NNPKMTQ NKTMU POKP RKPQ upMPSMUVTSUV QKTRM molsfk`b=lc=nrb_b` OVKMQKOMNU RMMMM ^~O ^H NNTKRUM MKOPQ NNTKUNQ NKSOS NQKQ RKOU upMQOUNQTMVP QKPTR pebii=fkqbok^qflkî=cfk NQKMRKOMNU NMMM ^~N ^^ NNSKSSM MKMPS NNSKSVS NKQRO NKM RKPT upMSOSMOURSS RKMMM dboobpebfjbo=^d NVKMRKOMNU NMMM _~N ___J NMSKTUM QKVTP NNNKTRP PKTNV OPPKQ QKVQ upMSOVSQRRPN QKNOR i^kubpp=cfk^k`b=_s OPKMRKOMNU NMMM _~~O ___ NNMKQSM QKMRT NNQKRNT OKOQT UOKS RKNT upMSORVTTVUT PKTRM trboqe=cfk^k`b=fkqi=_s ORKMRKOMNU NMMM ^ NNMKNNM PKSSU NNPKTTU NKVRQ RMKO RKOR upMRNVSTNTUT QKMMM iilvap=qp_=_^kh=mi` ORKMSKOMNU RMMMM ^~~ NMUKVRP PKRTQ NNOKROT OKQMR VQKS RKOS upMTSMNPVTTP OKMMM olèb=cfk^k`b=brolmb=_s ORKMSKOMNU NMMM ^N ^^J NMOKTUT MKPMN NMPKMUU NKRNU NKP RKSP upMSQTOSQPVU TKPTR cf^q=cfk^k`b=C=qoâb MVKMTKOMNU NMMMMM _~P __J VSKSOR SKPOT NMOKVRO UKMUS SPVKO QKQT coMMNNMTRNUP PKTRM pèkbfabo=bib`qof`=p^ NOKMTKOMNU NMMMMM ^P ^J NMVKQRV PKNTS NNOKSPR OKMVR SQKU RKPT upMSQRVQNQNV RKRMM _obkkq^d=cfk^k`b=_s NVKMTKOMNU RMMMM _~N ___J NMTKTRM QKRRP NNOKPMP QKMRP OSVKP RKMN coMMNNNNVTTR QKMMM ^rqlolrqbp=ar=pra=ab=i^ OQKMVKOMNU NMMMMM _~~N ___H NMTKUOO OKRVM NNMKQNO OKSQQ NNUKQ RKQV upMTSTVTTUNN QKORM f_boaoli^=fkqi=_s NNKNMKOMNU NMMMMM ^P ___H VVKQVR MKQNU VVKVNP QKPPU OTNKU RKPS upMSVNUMNPOT PKRMM o^_l_^kh=kbaboi^ka NTKNMKOMNU NMMM ^~~=LGJ ^^ NMRKSMQ OKMPT NMTKSQN OKRQN NMRKQ RKSP NQKMRKOMNO
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Trading & Advisory CHF H41 (58) - Vontobel Holding AG

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